A joint venture between St. Louis-based Integris Ventures and New York-based Starlight Equity Partners has acquired 50 South Meridian, a 50,000-square foot office building located in the heart of downtown Indianapolis, Indiana. Located at the corner of Meridian and Maryland Streets, just off Monument Circle, the property is in the thick of the downtown revival. The project will feature a renovated main elevator lobby, common corridor upgrades, a new signage program and other significant improvements.
Integris/Starlight intends to implement a value-add renovation program and rebranding. “We’re very excited about unlocking what we think is some incredible potential at 50 South Meridian. The location is outstanding, and we are big believers in Indianapolis” said Jason Litwack, a principal at Starlight. Mr. Litwack previously owned and operated over 1,100 single family homes in Indianapolis. “It’s great to be back in Indianapolis—it’s such a great example of a city focused on growth and fostering an environment for new businesses to succeed,” continued Litwack.
The new owners will directly manage the property, which is consistent with their previous investments. “We believe there are numerous opportunities to create value and improve operations. Our business plan is to remedy all deferred maintenance, renovate the common areas and create a new contemporary brand. Downtown Indianapolis is a vibrant submarket that attracts young professionals seeking a live/work/play environment and we look forward to increasing our holdings in this market,” said David Tomlinson, a partner at Integris (and Butler University alum). “We’re excited to establish a presence in such an exciting submarket and look forward to continuing to expand our footprint in Indianapolis,” said Jason Fine, President of Integris.
Rich Forslund and Matt Langfeldt of Colliers International will be leasing the project. “We are very excited to be working on this project and helping re-energize this building. The smaller scale of 50 South Meridian is perfect for firms not interested in being lost in a traditional tower and the connectivity is second to none.”
About Integris Ventures and Starlight Equity Partners
Founded in 2012 and headquartered in St. Louis, Integris Ventures is a commercial real estate investment firm specializing in retail and office properties throughout the United States.
Founded in 2011, Starlight is a real estate investment firm focusing primarily on value-add multi-family, industrial and office assets across a broad range of geographic markets throughout the Midwest and East Coast.